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Terms in this set (36)
What is a unique feature of credit union?
Owned and run by their members
What is true about savings types?
You should evaluate different forms of savings types based on your needs
Which type of account is typically the most liquid?
What is a one page description of a job seeker's history and qualifications for employment?
What is gross pay minus any pre tax deductions?
To earn as much interest as possible you should open a savings account that earns ____ interest and has the ___ interest rate.
Which condition will maximize the amount of interest you earn?
High interest rate and long time period
Compound "frequency" refers to:
How often your interest is calculated and added back into your account
What part of check is least important?
Aptitudes and abilities you will need to develop in order to succeed in your chosen career
Brad is a high school freshman with no savings. He wants to buy a new smart phone in a few months for $400. Which type of savings best matches Brad's financial goals?
Simple savings account
What has the highest rates and fees?
Check cashing service
The amount paid to use someone's money
What's the best strategy for avoiding an ATM fee?
Only use ATM's in your banks network
What saving usually requires a high minimum balance?
Health insurance for people who are 65 and older is?
Ella wants to but a car in a few years. Which type of savings best matches her financial goals?
Pay amount after all deductions take home pay
Which one is NOT one of the responsibilities of the Federal Reserve?
Establishing the federal budget
How many months are in a year? How many weeks are in a year? How many days are in a year?
To meet the preliminary requirements for a job or position?
What is a type of savings?
When it comes to savings, what is a good rule of thumb?
Put aside money for savings each paycheck
When would you need to use the rule of 72?
To find out how many years it will take your money to double
A job that is considered to be permanent or many last several years
Savings account usually offer___ interest rates than checking accounts. It is ___ to access your money in a savings account than in a checking account.
What's the purpose of balancing or monitoring your checking account?
To help you calculate how much money you have on your account
Your opening a savings account that earns compound interest. Which compounding frequency will earn you the most money?
The purpose of a budget is to:
Help you plan how you will spend the money you earn or receive.
Health insurance based on financial need:
The pay amount before any deductions are made
Advancement to a higher level job or position
Before you begin saving for anything else, you should have a saving account dedicated to___. A good rule of thumb is to have at least 3 months wages put aside for this.
If your interest rate in 3% how long will it take for your money to double according to the rule of 72?
When you get your pay check, who do you pay first and what does this mean?
Yourself. It means to put some money in a savings account.
What is the formula for the rule of 72?
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